FR CGS-CIMB (YU) : Link Net
2Q18: Enterprise growth made up for flat broadband
LINK IJ / LINK.JK | ADD - Maintained | Rp4,300.00 tp:Rp5,900.00
Mkt.Cap:US$903.90m | Avg.Daily Vol:US$0.52m | Free Float:33.00%
Telco - Fixed Line
Author(s):Choong Chen FOONG +60 (3) 2261 9081,
2Q18 results in line. 1H18 core EPS at 50%/49% of our/consensus FY18F forecasts.
Total revenue rose 3.5% qoq on higher enterprise, cable TV and other revenues.
EBITDA margin inched up qoq, mainly from lower selling and content costs.
We expect FY18-20F EBITDA/core EPS growth of 8.4-9.9%/10.9-12.4% yoy.
We maintain our Add call, with a 2% lower DCF-based target price of Rp5,900.
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